#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Top brass at Fijian Holdings sent on leave

Friday, July 3, 2009

Top brass at Fijian Holdings sent on leave

Fijian Holdings Limited has seen a boardroom coup during its board of directors meeting today.

FHL Chairman Isoa Kaloumaira, deputy chairman and deputy army commander Colonel Mohammed Aziz and managing director, Sereana Qoro, have been sent on leave for five days to make way for an audit on corporate governance.

It is not clear who will carry out the audit.

In a statement issued at 4pm today, acting FHL Chairman, accountant Iowane Naiveli confirmed the board of directors took the decision but claimed it would not affect FHL group operations.

More than a year ago, FHL managing director, Sitiveni Weleilakeba, was sacked in what can only be described as a boardroom coup or hostile takeover. Onto the Board came Colonel Aziz and Padam Lala, who was later appointed as chairman of Land Transport Authority as well. Sereana Qoro was appointed managing director to succeed Weleilakeba.

Throughout the week, there have been persistent rumours FHL would be given a shake-up because of its recent decisions. In December last year, FHL announced it was going to buy BP Oil Fiji operations for $190 million.

The deal has encountered numerous hurdles after FHL failed to secure a loan from a financier. Till last week, FHL has insisted the deal will go ahead and it had already paid a $20 million non-refundable deposit to BP Oil.

Sources say this has riled the interim regime, especially military commander and interim prime minister, Frank Bainimarama. The sacked FNPF Board also declined to find the transaction and FHL as looking for offshore funding. Sources say BP Oil's Fiji operations are valued at about $100 million and they don't understand why FHL would be willing to pay $90 million more than the maximum value.

In May, FHL sold its shares in Fosters Group Pacific Ltd for $40 million to Fosters. Sources say the only reason why anyone would sell what is regarded as blue chip shares is to secure funds for another deal or if the company is in financial problem.

At the beginning of this week, FHL announced that it wold build a $20 million complex known as Twin Towers for the headquarters of Fiji Police Force.

According to sources, it is ironical that those who engineered the boardroom coup and hostile takeover a year ago have become victims of the same action.

10 comments:

Anonymous said...

Sure indicator things are desperate when they start flogging off publicly owned (assets) property(reseve bank govenors residence).
Spin offered? Apparently new appointee Reddy wishes to stay in his own private residence - seem to have heard this somewhere before? Something about publicly funded renovations to private property?

Son of Fiji said...

Well the good thing is, we know that Frank has high expectations of any that are put in board positions - and rightfully so.
If the audit finds any wrong doing, then appropriate action should and probably will be taken.
The RBF Governors residence was an exorbitant and unnecessary expense when it was first built - but having said that, should not be sold at this time, but let out... perhaps to the American ambassador, so he doesn't have far to travel to his new office.

Anonymous said...

Publicly owned residence sold to Asif Khan (golden manu) for $1.7 million.

Anonymous said...

Sada is not such a bad bloke - he just looks bad because he's only been dealing with bad situations since he signed on!

Of course, he showed pretty lousy judgment in signing up to that desperate (and illegal) situation in the first place. Certainly this little move doesn't look good for him as he was the one responsible for buying the Gov's residence in the first place way back when he was DG under Ratu Jone.

I know things are going badly for the Regime and I'd be surprised if they're still around by the end of this year. But when I see intelligent people like Sada and Cros Walsh and Father Barr and Mahen Reddy etc., etc. who STILL can't see how badly the Regime has mucked things up, and how beyond repair their Charter dreams are, I just wish the reactionaries would hold off for a while. At least until the Regime has so WELL AND TRULY mucked things up so that there will NEVER AGAIN be any reasonable doubt or argument that this coup, and the thinking and hopes behind it, were anything else but a bunch misconceived and dishonest and mean-spirited garbage!!

mark manning said...

Fiji's new Democracy :-
http://english.aljazeera.net/news/asia-pacific/2009/07/200971459272328.html

no longer race based, but how many Indians are in the Military ?

Anonymous said...

This incident must undergo an inquiry and the shareholders should take these three or even the whole Board to task for failing to carry out their fudiciary duties.

This abuse must also show these opportunists that accepting any Board directorship has its responsibilities and is not given as a payout for supporting this regime!

Let the Directors of Fijian Holdings be taken to Court and these puppets who call themselves Directors appointed by this Govt will have second thoughts before willy nilly accepting these appointments.

Anonymous said...

Good on you Frank?
Get rid of the CROOKS.

Anonymous said...

Voreqe should take full responsibility for this mess as he hand picked the members of the Board with carrying out a proper due diligence on their abilities.

One can only imagine the mess the country is in when we have all these incompetent coup supporters handling the financial affairs of the country.

Semi Meo said...

Come to think of it really, this FHL may have been cursed from the very beginning!! Do we forget that only a handful of privileged and elite Fijians and Rotumans had accesses to generous share capital through some discriminate and nepotistic lending policies by some Merchant/Commercial Banks?
Oh, yes we know who those former Bank Bosses were. In fact yours truly had the privilege of bitting me fingernails while admire a mansion build in one of this former bank mangers Island…Yep..build with OPIUM money….opps… OPM….Other People Money!!
What did the majority of our common, ordinary, hardworking village and low paid folks benefit from??…eh...the Provincial council shares deputised for them…really??...how so?? Look at the pathetic and near embarrassing state of village schools, rural nursing stations, moon crater roads, broken jetties, Inter Island shippings, empty village wholesale and retail shops , NO village libraries yet in modern Fiji and nil IT excess!!
Are they any better than immediately post independence? NO….eh….only more monies for Carlton Breweries, Foster, Cement and other foreign concerns to expand operations to cement their fate and intoxicate the common folks while siphoned the profits’ to the Real share holders overseas. Our capital injection through some dubious lending schemes were just to prime the pump for these foreign dudes who’re laughing all the way to their banks and well deserved holiday in..ehh…Bali…oh no not Fiji..
While in the home front, what ever crumps is left… this time around...a different pair of hands are milking the FHL cow….and milking it dry!!

Either way, the victims are ..yep…the common folks!!

Anonymous said...

Talk about milking Cows - seems our local herd
of real ones have contacted some exotic form of virus - so how did the regime react? Immediately accused Australia of bringing it in - problem being Australia doesn't have or ever want this particular disease. What the regime did next totally defies logic - they certified diseased animals as fit for human consumption - hullo!